The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

[Ringo]

"A person who has no other property than his labor force... forced to be a slave of other people who have taken possession of material working conditions. Only with their permission can he work, therefore, only with their permission can he live"
K. Marx

 

[Toddsterpatriot]

"A person who has no other property than his labor force... forced to be a slave of other people who have taken possession of material working conditions. Only with their permission can he work, therefore, only with their permission can he live"
K. Marx

You funny guy!!!

 

[sealybobo]

The US Is Officially A Banana Republic: ​

The Top 1% Now Own More Wealth Than The Entire Middle Class​

The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented we...

austrian.economicblogs.org

Summary:
In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented wealth inequality that has emerged in the US in recent years and which has resulted in a slow, methodical and relentless destruction of the US middle class ... or rather make that precedented because there was another time when the top 0.1% had amassed as much wealth and it was just before the Great Depression. After all, who hasn't seen charts such as these showing the tremendous divergence in income earned by America's Top 1% at the expense of the middle and lower classes: Or that the top 10% now own 70% of all the US wealth, the same as the middle and lower classes combined...... up 10% from the 60% of wealth they controlled at the start of the century.
~Snip~
It's not just stocks that have benefited the super rich: housing has too. While a generation ago, the middle class held more than 44% of real estate assets in the country, it is now down to 38%. The pandemic generated a boom in housing values that has benefited most those who owned real estate in the first place. It also led to soaring rents this year, which hurt those who can’t afford a house. The self-feeding loop was yet another source of wealth transfer for the wealthier.
So the next time someone abuses the popular phrase "they hate us for our [fill in the blank]", perhaps it's time to counter that "they" may not "hate" us at all, but rather are making fun of what has quietly and slowly but surely become the world's biggest banana republic?
And it has not Russia, nor China, nor any other foreign enemy to blame except one: the Federal Reserve Bank of the United States.
Full story here

Comment:

ues when this is sustained. Given a fed-up heavily armed populace, well....
The 18th century French banker and philosopher named Richard Cantillon noticed a phenomenon that when new money was issued by the king/government, it always flowed first to those closest to the source - the rich, powerful and connected.
He wrote called ‘An Essay on Economic Theory,” and his basic theory was that who benefits when the state prints a bunch of money is based on the institutional setup of that state. In the 18th century, this meant that the closer you were to the king and government power, the more you benefitted. The rich received “new money” first, often on beneficial terms. The further away you were, ie) average workers, the more you were harmed, due to inflation and debasement.
Money, in other words, is not neutral. This general observation, that money printing has distributional consequences that operate through the price system, is known as the “Cantillon Effect.”
The solution is simple. Break up Amazon and apply the law to politicians that have become multi-millionaires by insider trading.

Then this shouldn't be surprising

https://www.npr.org/2023/01/25/1150816271/employee-engagement-gallup-survey-workers-hybrid-remote

The Gallup survey of roughly 67,000 people in 2022 found only 32% of workers are engaged with their work compared with 36% in 2020.

Younger workers have seen a bigger drop in engagement than older ones. Those under 35 reported feeling less heard and less cared about at work. Fewer Gen Zers and young millennials reported having someone at work who encourages their development and fewer opportunities to learn and grow.

"There's a growing disconnect between employee [and] employer. You could almost equate it to employees becoming a little bit more like gig workers," says Jim Harter, chief workplace scientist at Gallup and author of the new report.

​

Gig work by its nature doesn't lend itself to loyalty or long-term relationships between employees and employers. Workers may feel less motivated to put their best selves forward.

"In the context of high-performance customer service, retaining your best people, that's a problem," Harter says.

Having actively disengaged workers can be highly detrimental to companies. Employees who aren't getting most of their workplace needs met often share their negativity with other people, Harter says. That could bring down company morale.

Now imagine Musk telling his employees they're going to have to work more intense and longer hours. Fuck him right?

 

[Ringo]

 

[Toddsterpatriot]

That's crazy!
So how was your environmental record under the USSR?

Pretty bad, right?